Senator Cynthia Lummis introduces crypto tax bill
2025-07-03 18:53:44
Main Idea
U.S. Senator Cynthia Lummis introduced a cryptocurrency tax legislation aiming to reform how digital assets are taxed, including a de minimis rule and tax parity for crypto.
Key Points
1. Senator Lummis unveiled the crypto tax proposal on July 3, 2025, after it failed to be included in the One Big Beautiful Bill Act.
2. The legislation seeks to amend the Internal Revenue Code of 1986 to establish tax parity for crypto, treating it like other financial assets.
3. A key highlight is a $300 de minimis threshold for crypto transactions to simplify tax reporting.
4. Lummis also introduced the Bitcoin Act, proposing a BTC strategic reserve for the U.S.
5. The bill is part of broader legislative efforts, including the CLARITY and GENIUS Acts, to regulate crypto market structure and stablecoins.
Description
U.S. Senator Cynthia Lummis has introduced a cryptocurrency tax legislation proposal aimed at enacting a comprehensive digital asset tax framework in the United States. Lummis, who leads the Senate Banking Committee’s digital assets subcommittee, unveiled the crypto tax proposal on July 3, 2025, a day after it failed to make into the One Big Beautiful Bill Act as an amendment. The Senate recently passed OBBB, President Donald Trump’s mega tax and policy bill that’s now in the f inal stages of Ho...
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